The Ramsey Show - App - They're 32 Years Old With a Paid for House! It IS Possible! (Hour 3)

Episode Date: October 21, 2019

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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios, it's the Dave Ramsey Show, where debt is dumb, cash is king, and a paid-off home mortgage has taken the place of the BMW as the status symbol of choice. I'm Dave Ramsey, your host. Open phones at 888-825-5225. That's 888-825-5225 that's 888-825-5225 starting this hour off is tina in california

hi tina how are you hi mr ramsey thank you so much for taking my call my pleasure how can i help so question um i'm not where my husband and i are on baby step two and we have quite a lot of unknowns coming up in the next six to eight months. He is in construction project management and the project is estimated to be over between

February and May. Our lease is up. We're renting in May. We also have a 15-month-old. I have moved five times in the past five years, and this is going to be the first time we're moving with a child. So I'm a little nervous. And we don't know if we will be moving and to where we will be moving. We're kind of tired of California because of the high cost of living.

We're in a lot of debt. We want to have this, you know, a different life. And so I'm not sure if I should be putting the baby step two on hold and try to save up some money just because of the unknown that's coming up or if I should just keep going. When the project ends, he's 100% out of work?

He's not. He could stay on, but it would be a good timing to move just because our lease is also at the house we're renting. And he would just land another construction project in another state? That's kind of what we're looking forward to, to be honest. We want to move back towards the East Coast or somewhere down south, anywhere. I mean, how hard is it for him to land something there? Because he's basically quitting his job, is what you're saying.

No, he wants to see the project over. No, at the end of the project, he could stay on, but he's choosing not to. Right, or there's an option that he could get transferred to another location with the same firm, the same company. Okay, so how often has he changed companies and found work really quickly? He's not really big on change, so he's been there for most of his career. So this idea that you just up and move after the project's over, unless it's a transfer inside this company,

unless he's got another job lined up is not a good plan, is it? No, it's not. He's got to have something else lined up before he walks away from this company. Oh, definitely, yes. We won't be moving without a job. But if he were to transfer, there will still be moving expenses. There will be the cost of moving, of course, and especially if it's a farther move. So that's kind of what I'm worried about.

Okay. So if he does not get a job in another location or does not get transferred, you're staying? Yes. So what do you think the percentage chance of you leaving is i have no idea okay is it greater than 50 50 sounds to me like i know he's really yes i do i doubt we both do um so maybe i'm 70 30 okay then it's time to leave california and it's time to stop your total money makeover completely. It's not stop baby step two.

It's you just stop working the plan right now, and you pile up cash until you get this move lined out. Okay, that's what I thought. And begin talking to his company sooner rather than later about the transfer at the end of this project. Okay. So that he knows, because if he can transfer with his company, my guess is that's his preference, isn't it?

It is, definitely, yeah. So if he goes in there this week and says, hey, at the end of this project, whether it's February, May, whatever it is, I want to start talking about moving to another state at the end of this project. Can you guys talk to me about transferring? If they say, nope, it's not going to happen, then he knows he's got to start looking for a job in another state, and he needs to start that now.

Yeah. Doesn't he? Okay. If you want to leave at the end of this and not have a hiccup, because then you've got to save for a job gap and a move if he doesn't have a job lined up. Right. So information from his current employer with clear communication is a really good thing here, sooner rather than later, and it'll limit how much money you need to make the move.

Now, once you've got the money, you need to make the move. Now, once you've got the money you need to make the move and you've got the job lined up, then you push Start again, push Play again, and you'll just pick right back up. And any money you have left over after the move would come out down to $1,000 after you get settled into the new place and would restart your Baby Step 2 at that point. Kirsten is with us. Come on, Dave.

Kirsten, I'm pushing the wrong buttons. There she is. Kirsten's in New York. Hi, Kirsten. How are you? I still didn't push it. One more time. I'm still getting used to new equipment after a few months.

How can I help? Yeah, hi, Dave. So my husband and I had a question for you. We're kind of at a standoff right now. We have no debt. We are investing following your steps. So we're basically on baby step six because we don't have kids, but we are looking to have kids in the near future. So my husband and I, I'm looking to renovate the house to include square footage, make room for babies, all that kind of stuff. He would rather save the money that we put towards the renovation and put it towards a new house.

A new house is probably not for another five years or so. So we're just kind of wondering would you if you can do the renovation why can you not if you can do the renovation sooner than five years why could you not move sooner than five years um because the renovations will end across like 30 grand whereas saving up for a down payment on a new house is more like 200 grand no not necessarily um well for the for the area that we're living in and looking at the houses they're talking about moving up way up in house oh absolutely i mean we're so we're um so wait a minute that's not logical okay you're doing a thirty thousand dollar renovation but you want to move up $200,000 in-house. Those two things are not apples to apples.

Okay. And so that's set up for you to win this argument every time. Well, not every time, but a lot of times. So what's your current home worth? It's roughly around $ now okay and what is the most expensive home in a in a within a on the closest two or three streets around you what's the most expensive home sell for um i mean half mile away they could be up in a million two million okay so it wouldn't be unusual at all for somebody to be looking for a $600,000, $650,000

house on your street. No, we're actually like the average kind of area. This doesn't want you to overbuild the neighborhood with the renovation. So based on that, I don't care which one you do. Either one of them is going to be fine. You're not overbuilding the neighborhood. You're paying cash for the renovation. Or you're going to wait a little longer, and you're going to pay cash to move up to another

neighborhood. Actually, you could do both first do the renovation live there a few more years then sell it and move up do you know who is a prime target for identity theft your children kids have no debts or credit history their personal information is just as easy to get but the theft could go completely undetected for years. Every day all over the country, young adults are starting down their own path in life by opening a bank account or renting their first apartment

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And it's the only plan I provide to my team. zander.com or 800-356-4282. Roxanne is with us in Ohio. Hey, Roxanne, welcome to the Dave Ramsey Show. Hi, thank you. What's up? So my question for you, Dave, was, so I recently bought a property, another property. So we have one home that we currently live in and an investment property that we own outright. And then this third property that I recently purchased

so that some family and my family could cohabitat in one household. It's a large home. And I was doing well, I was bouncing around through the steps one through six. And I hope that I haven't set myself backward with this plan to get this other mortgage that I've taken out for us to cohabitat as a family. Okay, so the home you were living in was paid for? Yes. And then you bought an investment property paid for, and now you've bought another home to move what, your parents into with you? Yes, that was the idea so i i have some

extend extended family living in it now but it's large enough that we could you know move into the home and it would be for my my mother's or my mother and my sister excuse me to join us in the home that sounds exciting well it's large enough. It has separate living quarters in the basement with everything that it would need for almost as if it's a two-family in itself. And it's on eight acres. So what is it worth? What'd you pay for it? It's worth, I paid $349.

And your mortgage is how much on it so so i had to refinance the house that i paid off to qualify for that loan so monthly i pay so we haven't moved how much mortgage debt do you have now so 349 combined of all three of them? Yes. The present property that you live in that you would move out of, what would it sell for? Right now, probably around $150,000. What about the other rental? That would probably sell for between maybe $80,000 and $130,000,

just depending on the market that it can fluctuate over there in that area. Is mother or sister contributing to this other deal? Not presently. If they move in, are they contributing? Yes, they would be paying rent. Oh, that's it. And for utilities. Utilities.

Your family had a history of doing this? No. No, there's no history of doing this. It was just a desire that we've all had to want to try to be on one plot of land and cohabitat in the same house and to eventually provide care to my mother is what it will have to be in on one plot of land and cohabitat in the same house and to eventually provide care to my mother is what it'll have to be so i was trying to plan ahead for for that in advance knowing that i'll have to be her caretaker well what i would do is have very clear um discussions with her and your sister and i would have um even to the point that i probably would

have some things that we the three of us agree to that your sister you and your mom and your husband i assume um uh like house rules boundaries and what's what's going to happen when your mom dies and your sister's still there and we don't need this house to care for your mom? I don't care. Well, we haven't discussed that. Well, you need to. You need to. Right.

And what happens if your sister decides she wants to leave? Is that okay? Because she meets someone and gets married and moves to Oklahoma. Yes, it would be that that for sure i mean financially we would be able to carry the bills on our own yeah your exit strategies are what you need to cover so that way no one's feelings are hurt or no one is bankrupted by someone else moving off and screwing up this deal. What's your household income? So together we make $180,000. Okay. So you can cover this.

You're all right. Then the next question is how quick are you going to get this thing paid off? Because you did go backwards. You went $350,000 in debt. Of course you went backwards. Yeah. But it's to accomplish this goal. You went $350,000 in debt. Of course you went backwards. But it's to accomplish this goal. Now, do you want to undo some of it by selling the rental or selling the house you're in or both when you move into this? And that will take a chunk out of that mortgage.

I want to get back to debt-free again if I'm you, which also takes some of the financial stress off of everybody else's decisions or health conditions or whatever in there. But good house rules and boundaries are going to be necessary in case this doesn't turn out as romantically as you think it's going to. Right. You don't want to have something like this that you thought was going to be all fun end up being the reason that your relationships all end because you can't deal with the in a healthy way with the natural friction that's going to be coming from living under the same roof.

So really work that stuff out. If your family is really good at that, that's fine. But if you guys just have this romantic idea that it's all going to be like it was in the first time your mother uses her mother voice on you as a grown woman making 180 grand and you don't like that crap uh how are you going to deal with that that's the kind of stuff i'm talking about that happens here yeah and so because you're not a little girl anymore you're a fully accomplished woman as a matter of fact more than the other two probably because you're the one putting this whole thing together right yes so anyway all that's just just warning anxious yeah it just doesn't sound as romantic to me as it does to you and i hope it works out the way you think it's going to but i think the best

shot you have at that is lots of clear guidelines and house rules and communication or what are boundaries or whatever you want to call them that's where families get in trouble in business working together is they they don't separate the business transaction from the family business and you are from the family aspects and you've got to do that i mean when i'm here and rachel cruz is here on this site. I'm her CEO, and she calls me Dave. When I'm at her house, I'm Papa Dave holding her new baby. And so I change hats when I go over there, and she calls me Daddy or whatever then. So you have to have clear guidelines, and that's how you can work together and how you can do conflict well because you're going to have it.

So just do all of that, and then, yeah, I'm probably going to sell off those other two houses and work towards being debt-free again and then go buy some rentals that I pay for with this. But this is obviously a thing that is very, very, very precious to you because you've spent a lot of money on it, and you've taken several steps backward financially in order to do this. So it obviously means a lot to you. Very cool. Hey, thanks for the call.

Craig is with us. Craig's in Idaho. Hi, Craig. How are you? I'm great, Dave. How are you? Better than I deserve. What's up?

Yeah, I just had a question. My wife and I are starting the Baby Steps, working on getting that $1,000, and then we've already listed out all of our current debt for baby step two. Good. And my question is, of all the debts, about half of them we're currently making monthly payments on, and the other half are kind of in collections or sitting there waiting to be paid on. How old are they?

How long have they been in collections? There's a couple that have been there for seven years. Okay. And how about the least one, the soonest one? Soonest one's been there less than a year. Okay. All right. I would make two debt snowballs then.

One debt snowball of your active payments, the things you're currently paying on, and one list of the ones that are in collections. And then I would work you the one that you're actively making payments on first. Smallest to largest. And then I would work the ones that are in collections second. And I would work them off as lump sums, not in payments. When you get to the are in collections second um and i would work them off as lump sums not in payments when you get to the ones in collections make a phone call to the smallest one find out what it takes to pay it off if you agree with that amount get it in writing by email or something else and

then pay it off and have proof of the the conversation of how much it takes to pay it off and or that you settle for and that you made the payment in hard copy, in a file, the rest of your life on those that are old. This is The Dave Ramsey Show. Thank you. Stephen and Christina are on the line. I see on my screen you guys are debt-free. Congratulations. Thank you so much. And living in Dallas, Texas, huh?

Yes, sir. Very cool. How much have you paid off? $200,000. Awesome. And how long did this take you? Seven years. Seven years.

Awesome. And your range of income during that time? We started off about $75,000, and with a couple of promotions and some good luck, we're about up to $200,000 now. Cool. What do you guys do for a living? I'm a teacher. And I'm a data scientist very good very good well your careers are on fire for sure well done thank you so what kind of debt was the 200,000

so it was pretty much everything except for credit card debt we had mortgage we had hospital payments we had cars and we had student loans so she paid off your house we did i'm talking to weird people yep well done good job guys how old are you two we are 32 with a paid for freaking house in dallas texas you got it i love it what's your house i mean what's the house worth uh house is about 200 000 wow how does it feel to be 32 years old and have a paid for everything uh it is the most comforting feeling there is yeah peace for anything better yeah just kind of yes i mean you you have a play a 200 000 house that's completely yours. You got it.

That's pretty amazing. I mean, that sunk in. That's pretty amazing. How long have you two been married? I'll be 10 years next year. Okay, so a couple of years into your marriage, you decide you're going to knock out all these debts and then go on and play through and knock out the mortgage and everything.

Yep, we got married. We had all of the newlywed debts and all of that stuff, and we said, you know, this isn't going to work. We really need to get debt-free. A coworker turned me on to Financial Peace University, and we got rolling. So a couple years into marriage is when all this started. Yep. So you guys, most of your married life has been working on this, the seven years.

Yes, definitely, and we added a kid in the mix, too, and still life has been working on this, the seven years. Yes, definitely. And we added a kid in the mix, too, and still got it done. Of course. Yeah. Good for you. How fun! Wow! So what's the secret to being 32 years old and having everything paid for, house and everything?

Well, I would say it's the monthly budget meeting. I'm the driver. I'm the one who arranges it. But Christine always comes and has something to say about it. budget meeting um i'm the i'm the driver i'm the one who arranges it but christy christina always comes and uh has something to say about it and just every month we plot a little by a little and and knock it out there's no silver bullet but you do it for year after year and month after month and you're going to get there yeah it kind of gets to be the rhythm too doesn't it yeah it becomes the norm like you feel weird if you don't have that guideline on how to live your month.

Right. I mean, seven years is a long time. It's not like you've been, and a large portion of that seven years, you were debt-free everything but the house, right? Correct. Yeah, a lot of it's been paying off the house. Yeah, yeah, okay. So you've been in Baby Steps 4, 5, and 6 for how many of the seven years?

Oh, I'd say probably the last four years or so. Okay, so about two or three years to get everything up to the house and then knock the house out that's perfect yep man you're gonna be so freaking wealthy i mean two hundred thousand dollar income you don't have any payments and you're 32 years old i mean the math on this is mind-boggling where you're gonna be if you never get a raise you're going to be worth 15 or 20 million dollars at 65 or 70 years old i mean if you just learn to invest and you do what we teach right oh yeah we got our we got our index funds so hopefully we'll be doing good if

the economy keeps going the way it is yeah you're going to be fine. Well, you've got a paid-for house in Dallas, Texas. That's no slouch. Yeah. Well done, guys. Very, very, very well done. So cool. Who are your biggest cheerleaders? Oh, my gosh. You know, I think our local church, we actually started Financial Peace University at the church,

and some other people have taken it over. But it's been really cool having a community to walk through this together with and to talk. We're actually calling from our church right now. Oh, that's cool. Very cool. Yeah, well, you guys ought to make a big announcement Sunday morning and tell everybody it can be done. Spread the hope. I love it. Well, good job, you guys. Very, very good. Very, very proud of you. We've got a copy of Chris Hogan's book for you everyday millionaires you're going to be one in 20 minutes the way you're going that's the next chapter in your story you are on your way what was your house payment uh it was about 13 1300 a month okay very cool very cool and you're 32 yes sir perfect i love it all right steven and christina from dallas texas

two hundred thousand dollars paid off in seven years making 75 to 200 count it down let's hear a debt-free scream three two. We're debt free! I love it! I love it, love it, love it. Well done, you guys. Very, very, very well done. All right, so I've got to put it in the calculator. Let's see if I can get it in here.

So let's see, 32 to 62 would be 30 years. If they invest, they said their house payment was 1300 we'll make it 1500 if they don't do anything but the house payment and we know they're going to do more than that right but if you this is what your house payment does for you just getting the house paid off just that one thing okay good lord goodness i can't i can't y'all won't believe me if i told you 5.2 million you pay a 1500 house payment into a mutual fund from age 32 to age 62 it's 5.2 million just the house payment so what if i'm half wrong and i don't like your set of assumptions well i don't like your assumption either your assumption is people can't do this your Your assumption is they're stuck. Well, those guys are 32 years old.

They just paid off everything. Do you understand how free? I mean, this is like it's a bazillion dollars. And if I carry that on out to 72, and if I say they invest 15% of their income without getting a raise, that's another $30,000 a year, 15% of $200,000, which is another $2,500 a month, which is another $9 million. This is going to approach $20, $25 million by age 72. Just investing the house payment and 15% of their income if they don't do any more than that. Let me help you with this. They'll do more than that and still have a great life.

Let me help you with this. Their income will go up he's a data scientist the whole freaking world revolves around data right now and data scientists are in great demand they're going to do unbelievably well and again let's just pretend i'm way wrong but what we've created here is not merely you retiring with dignity but when we say you changed your family tree what we're saying is is your old man Rockefeller you're the first one your old man Vanderbilt you're the first one. You're old man Vanderbilt. You're the first one. I visited the Biltmore Mansion over in North Carolina a while back.

Old man Vanderbilt, the first one, right? And, you know, what did these guys do? Well, those guys were obviously national icons in business, and they made today what would be billions and billions and billions and billions. But if you put yourself in a position that you live a great life, you're outrageously generous, and your heirs are people who have been trained and know how to behave, they're not deadbeats living on the back of a yacht snorting cocaine. They don't have their

own reality show. But your heirs are good, solid people of character and you leave them $25 million. Do you know what it is one more generation? It's a half a billion in one more generation. So that's what I mean by

changing your family tree. And it all comes back to a couple of 32-year-olds in Dallas that decided right after they got married to get out of debt. Ha ha ha! I love this! This is the Dave Ramsey Show. Thank you. Our scripture today, Luke 8, 15, But the seed on good soil stands for those with a noble and good heart, who hear the word retain it and by persevering produce a good crop abraham maslow said you will either step forward into growth

or you will step back into safety maslow's hierarchy of needs famous for that. You will either step forward into growth or backward into safety. And the paradox is that safety is not even safe. The only thing that's safe is the continued growth. Hustle and grind, baby. Hustle and grind. It's the only thing that's safe because safety has the illusion of being safe i'll take the more secure job and then they treat you like last year's trash and set you on the curb after eight years of service with no so much as a tip of the hat but it was safe

it was secure. It was secure. It's an illusion. Well, if you're saying goodbye to the old neighborhood and you're looking for a place to call home, buying a house is one thing, but buying and selling at the same time is tough. The stakes are double. The details are double. Not to mention there's usually a tight timeline,

and you basically have to be an expert to get this juggling act to work. That's why it's so important to have the right real estate agent on your team. You don't want some jumpy amateur quick on the trigger to mess you up because they don't know how to juggle all of these details on your largest purchase, your largest asset that's up for sale. You need an experienced agent that will guide you. And that's why we've created a network of high-octane, high-protein, top real estate agents across the country who follow the principles we teach.

So you don't have to wonder if the person you've hired is the real deal or not. Trust me, these agents are. Go to DaveRamsey.com slash agent. Click on ELP for real estate, and you got the right folks, and you'll get somebody that really knows what they are doing. Don't hire somebody just because they got a real estate license. A fairly smart monkey can pass the real estate test, okay? I took mine.

It was a long time ago. It's a lot harder now. But I took mine in 27 minutes and made a 92. And I'm not that bright. Okay? I'm fairly bright, but I'm not that bright. It's that easy back then. It's not quite that easy now.

But just because they got a license doesn't mean they know anything. You need somebody selling 30, 40, 50, 100 houses a year. This is your largest asset. Get somebody in your corner that knows their stuff. Paul is with us. Paul is in Florida. Hey, Paul. Welcome to the Dave Ramsey Show.

Hello, David. Read your book. And with my wife, we spent a lot of time in the car listening to your show. And I have the following question. First, some stats to help you get the picture. I'm 65. My wife will become 70 this coming April and she will retire. Right now, I have a social security income of $1,800 a month and she has a social security income of $1,800 a month, and she has a Social Security income of $2,500 a month. But the point here is that she's working right now.

She will work until April. She's got a great job. She makes $100,000 a year. Okay? So we've been able to save money. We've been able to pay all our debts except for the mortgage. So the reason for my call, I have several questions. One of them is, would it be worthwhile to continue to throw money towards the principal even though we're starting to run out of time and we won't have enough time to pay it off?

And we know that just because of the way nature works won't have enough time to pay it off. And we know that because just because of the way nature works, the time it takes to pay it off is longer than the time probably we have to live, at least live a quality life. So should we throw the money instead to our investments, hoping that the NASDAQ will keep on growing rather than reducing the mortgage? That's the question. How much do you owe on your home? The home has a mortgage right now of $94,000.

And you're 60? I'm 65. And she's? She will be 70 in April. 70 in April. Okay. Yeah. And how much do you have in your nest egg?

We have about, okay, my IRA has 240 right now. And she has a retirement package that is made out of tax deferred savings from our employer and our employer 401k. And that's 82 on her side. So altogether, that's 322K. And following your advice from your book, we do have a safety net, what you would call the emergency fund. So we have 25 there right now. Are you in good health? We're both in great health.

Here's the problem, okay? Your set of assumptions is you're not going to be able to pay off $90,000 in 30 years. That's pitiful. You are likely to live statistically into your 90s. Once you make it to 65 and you're in good health statistically you stand a really good chance of making it into your high 80s low 90s now average death age of a male 74 female 76 but that includes infant mortality teenage death and so on so when you're talking about a healthy 65 and 70 year old still working making 100 grand which tells me their mind is very active um and they are too that you've got another 30 years for this house to go up in value and to be your

largest expense because it's the only expense you've really got left and so you're sitting there with roughly 350 400000 in your various accounts. Without a house payment, you can probably live on the Social Security pretty comfortably and off of the income that's remaining off of the other things invested well, if you were even $100,000 lighter, which you would be if you pay this mortgage off. So, yeah, I'm paying this mortgage off so yeah i'm paying a mortgage off out of your nest egg um and be debt free your house is sitting there you've got that freedom you've got that security for the next 30 years that's a good thing to have is to know where

you're going to live and that you have a place to live. So, yeah, I'm glad you didn't tell me it was $800,000 because I would have been moving you. But you're in pretty good shape there. You know, if you take $400,000, $450,000, we take $100,000 off that, you've still got a pretty decent little nest egg. I'd probably put some more in it between now and the time she retires if you get pretty aggressive on it while she's making really good money right now. And, you know, you're going to be in pretty good shape there. Living off the income off of that nest egg and the Social Security and any other pension plans or anything you've got, you're going to be fine. That's what I would do.

I definitely would want to be debt-free and have that stabilized going into my golden years. Hey, thanks for the call. Open phones at 888-825-5225. That's 888-825-5225. Ralph is with us in Tennessee. Ralph, I'm short on time. Go fast. Hey, Dave. It's an honor to talk at you. I have what I consider to be a quality of life slash ethics question. Me and my wife are going into baby step two in the next week or two. And monthly, there are three events at my church that all occur on Saturdays I'd like to be a part of. So I'm wondering if you think I should be a part

of the ministry and fellowship of my church, or if I should seek to get overtime every Saturday that I can. How much debt do you have? $24,000 in mortgage debt. What's your household income? $80,000. $80,000? Okay. Yes, sir. So how much does, if you went every other Saturday, how much do you make on a Saturday? I make $26 an hour, and it would be time and a half. So that would be like $30-something an hour. Anywhere from four to 12 hours is kind of unpredictable. Okay.

Well, to start with, it's not an ethics question to attend events on a Saturday at your church. That's not an ethics question. It's a question of what you enjoy and your personal spiritual growth. You probably can pull that off without maybe going every other Saturday, but you can balance it out how quick you want to be out of debt, dude. I don't care.

Puts that hour in the books. We'll be back with you before you know it. In the meantime, remember, it's ultimately only one way to financial peace, and that's to walk daily with the Prince of Peace, Christ Jesus. This is James Childs, producer of The Dave Ramsey Show. Did you know you can now listen to The Dave Ramsey Show on Pandora and Spotify? For all the ways to watch and listen, check out our show page at DaveRamsey.com.